Watch retailer Peace Mark was highly indebted after a series of acquisitions, the largest being Singapore's Sincere Watch in 2008. Rumours began to circulate regarding the company’s financial position resulting in a collapse in the share price in August 2008. This prompted the company to suspend trading in its shares. Shortly thereafter, in September, Peace Mark disclosed that its lenders had withdrawn credit lines and it was insolvent. In November, liquidators subsequently revealed that they suspected the company of having faked its profits. Peace Mark is a confirmed fraud.

Last updated September 2021

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